Addressing a longstanding problem experienced by gamers in the online community, Worldwide Asset eXchange, WAX, is creating a digital currency that will allow gamers to sell their in game assets more easily and more securely.
WAX is the latest gaming services company founded by Malcom CasSelle, who also serves as the company’s President. The firm implements their exchange using general ledger and smart contracts crypto currency technologies, creating a decentralized peer to peer, secure and democratic digital currency framework.
The WAX Token, the name given to the exchange’s currency, will enable gamers to execute transactions that were cumbersome in previous solutions where gamers had different currencies, requiring middlemen and FOREX interactions.
Without ever having to click away from their screens, gamers will be able to tokenize all of their in game assets and buy and sell with other members of the global online community, eliminating current delays in these types of transactions.
In implementing their exchange, WAX opted for a Delegated Proof of Stake model over the Proof of Work that many crypto currencies currently rely on. This allows the system to implement transaction writing through a more democratic elected Guild model, which will initially be composed of 64 “elected” confirming nodes.
Fraud is eliminated by recording to the blockchain ledger and using smart contracts for the peer to peer transactions. The types of micro payments, cross border and related transactions in which gamers will be able to engage will also be expanded by the introduction of these technologies into the in game assets exchange.
Described as the leading bitcoin merchant on the planet, WAX President Malcolm CasSelle earned his Bachelor’s Degree from MIT and his Master’s Degree in Computer Science from Stanford University.
With a diverse and impressive work experience background, CasSelle has served as Director of Hong Kong’s Capital Union Investments between 2006 and 2013. He has held executive management positions at a number of gaming companies prior to launching WAX, including CEO of XFire, a social network for the online gaming community, CEO of MediaPass, a subscription based, digital content framework and as Senior VP, Digital Media of Seachange International.